Technology
is seen as synonymous with economic progress and has been
a major stimulant for change. It is no small wonder that countries
which are leaders in technology dominate international affairs.
The 21st century system of industrialization has given rise
to "information revolution," which has the elements
of an industrial revolution and a social revolution as well.
New forms of business organizations like networktype industrial
organizations and virtual corporations are not the stuff of
science fiction anymore. The future is here, it would appear.
We have come to a stage where markets are technologydriven
to a great extent and the process is only accelerating. Humankind
has made huge strides in economic standards and quality of
life by using emerging technologies since the industrial revolution.
Numerous important and amazing interventions in the agrarian
sector preceded the industrial boom. From the invention of
the wheel to the steam engine to rocket propulsion and onwards
to computers, the pathbreaking discoveries have changed the
very fabric of life in the different phases of evolution of
civilization.
The
1970s marked the beginning of the third industrial revolution,
in which rapid technological progress was associated with
information technologies, significantly increasing productivities
of industrial enterprises and governments. The manufacturing
sector, more than any other, is based on the specialization
of work techniques along with the invention of specialized
tools and equipment. It is this manufacturing sector that
discovered and developed new materials, followed by improved
processes and efficient, functional tools. In fact, there
are innovations in science and engineering which have their
origins and have derived sustenance from industry rather than
the university labs. The manufacturing sector has always been
an intensive user of highend technologies. Aerospace engineering,
thermodynamics, and synthetic chemistry have deep roots in
industry. They have also taken the lead in complex areas such
as simulation and practical areas likes supply chain management.
Similar to the services sector, this sector too has been contributing
to the success of Asian economies like China and Japan and
also India. In contrast, in the countries of Western Europe
and the US, the manufacturing sectors have to perform/work
harder for their respective economies to grow further. A strong
manufacturing sector is crucial for any advanced nation that
aspires to hold its own in the world. |
